investor, your friend is obviously in one of those suburbs that have held firm, or god forbid , increased in value.... tell him to hang onto it....do not sell, and lose the capital costs he incurred in purchasing... he is sitting on a great paper profit.... what the hell is he thinking...
there is no proof of prices dropping, except the measerly 2% at the top median prices...and his home is not in that league...its in the rising value area
it is only sentiment...and the bears theory that prices will plummet.... so far there has been no plummeting...and its very unlikely in the future.... plenty of time to review his choices, down the track... in the meantime, his house will increase moderately in the early years, and increase greater later on... he will earn more money per annum, whilst his mortgage will decrease each year...and the interest cost will also decrease... he is in a good position.... dont get too greedy, and want it all now...
and remind him, the property market is a long term investment...do not apply 'day traders' policy to the housing market
hmmm, the former re agent, still waiting after 4 years...to get back into the market...he is not alone...there are plenty of people who gambled, on selling and buying back cheaper....some are still waiting , after 11 years....and unles they move to a really cheaper suburb, they will never get back in this is not the forum to ask that question.... there are too many bears, that inhabit this space
ps, no bears were harmed in this exercise....but they should all get rid of their faulty crystal balls
